Can a Daemon Prince do the work of a Chaos Lord and Sorcerer?

I've just recently started playing Chaos Space Marines and noticed that their Daemon princes seem to have the CC capabilities of a lord and the psychic strength of a sorcerer. In larger games does this make the other two non-special characters you can take obsolete?

Lords/Sorcerers can ride in transports and hide in squads. They also have grenades which means they can assault into cover more effectively. Of course you could always assault units in cover using a CSM squad, and then sucker punch it with the DP, Lash them out of cover before charging in

The difference between a DP and a Sorc is mostly one of synergy. A Lash Sorc can set up kills for the rest of the army, whereas the Lash DP is really only bringing his own prey closer. Also, a Sorc can be effective at a distance, whereas the DP really needs to get stuck in.

Thanks guys.
I played my first game with chaos a last week and found that my lord went surprsingly well (rolling 3 5's for his invulnerable saves against an exorcist barrage at least). I'm tempted just to take him for the awesome CC bonuses you get from using a Daemon Weapon. Now I look at things I'll probably take a Daemon Prince of Tzeentch with wings instead of a sorcerer, after playing a flyrant lead Tyranid army for five years I feel more comfortable with flying giant psykers.

the only +'s the lord has over the prince is having a daemon weapon and being able to ride in transports/hide in squads

Mind you, IC status seems to be more of a liability in today's game. There are a lot of guys out there that give a penalty to IC's right off the bat, or can single them out for an insta-kill (like the orc psychic ability that turns an IC into a squig, as well as other abilities that target only IC's, but not necessarily single models). Also, some fuzziness I'm going through on close-combat may make putting a sorc/lord in a squad worthless anyway; someone's trying to tell me that an IC joined with a unit MUST be in base contact in order to lend his attacks, and therefore is always able to be singled-out, making the ablative wounds of his teammates all for naught.

... someone's trying to tell me that an IC joined with a unit MUST be in base contact in order to lend his attacks, and therefore is always able to be singled-out, making the ablative wounds of his teammates all for naught.

During close combat, ICs are considered to be an independent unit. This means they can only be targeted by units in base contact with them, and they can also only target units in base contact with themselves. Usually this isn't much of an issue, since ICs are (supposedly) always moved first during an assault move.

the only +'s the lord has over the prince is having a daemon weapon and being able to ride in transports/hide in squads

I can't find any reference in the rules regarding MC's ability to ignore cover penalties (Initiative=1) when charging into assault. Move Through Cover USR only gives you more likelihood of reaching the target -- my concern is fighting last when i get there, or fighting at same time as a bunch of Power Fists. I'd much rather kill these before they have the chance to hit me.